The Federal Housing Finance Agency (FHFA) announced that more than 3.4 million homeowners have refinanced their mortgages through the Home Affordable Refinance Program (HARP). FHFA’s first quarter Refinance Report shows that more than 19,000 HARP refinances were completed through March, bringing the total to 3,400,543 refinances since the program began in 2009.
HARP expires at the end of this year and there are still more than 325,000 U.S. borrowers eligible for the program that has a financial incentive to refinance.
These so-called “in-the-money” borrowers meet the basic HARP eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, have a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates.
These borrowers could save, on average, $2,400 per year by refinancing their mortgage through HARP.